Property and Equipment |
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| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment | Property and Equipment Property and equipment is recorded at cost and primarily consists of laboratory equipment, computer equipment and software, capitalized software development costs, and furniture and fixtures. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of the various assets ranging from to nine years. Property and equipment consisted of the following (table in thousands):
Depreciation and amortization expense was $341,000 and $398,000 for the three months ended January 31, 2026 and 2025, respectively. Depreciation and amortization expense, excluding expense recorded under finance leases, was $302,000 and $360,000 for the three months ended January 31, 2026 and 2025, respectively. Depreciation and amortization expense was $1.1 million and $1.2 million for the nine months ended January 31, 2026 and 2025, respectively. Depreciation and amortization expense, excluding expense recorded under finance leases, was $940,000 and $1.1 million for the nine months ended January 31, 2026 and 2025, respectively. As of January 31, 2026 and April 30, 2025, property, plant and equipment included gross assets held under finance leases of $1.0 million. Related depreciation expense was approximately $39,000 and $38,000 for the three months ended January 31, 2026 and 2025, respectively, and $116,000 and $112,000 for the nine months ended January 31, 2026 and 2025, respectively. During the three months ended January 31, 2026, the Company disposed of lab equipment with a cost of $358,000 and accumulated depreciation of $245,000, for proceeds of $23,000, resulting in a loss on sale and disposal of equipment of $90,000. During the nine months ended January 31, 2026, the Company disposed of lab equipment with a cost of $402,000 and accumulated depreciation of $269,000, for proceeds of $23,000, resulting in a loss on sale and disposal of equipment of $110,000. During the three and nine months ended January 31, 2025, the Company did not dispose of any equipment. Finance Lease During fiscal year 2023, the Company recognized a finance lease for laboratory equipment. This equipment was obtained as the result of a laboratory supplies purchase commitment with costs of approximately $368,000 at inception through June 2027. Cash payments for this lease are in the form of consideration for purchasing lab supplies under a purchase commitment agreement. The present value of the minimum future obligations of $368,000 was calculated based on an interest rate of 3.5%. Depreciation and amortization expense related to this finance lease was $19,000 and $18,400 for the three months ended January 31, 2026 and 2025, respectively, and $57,000 and $55,000, for the nine months ended January 31, 2026 and 2025, respectively. Interest on the related finance lease liability was approximately $1,000 and $1,600 for the three months ended January 31, 2026 and 2025, respectively. Interest on the related finance lease liability was approximately $3,400 and $5,300 for the nine months ended January 31, 2026 and 2025, respectively. During fiscal year 2022, the Company recognized a finance lease for laboratory equipment. This equipment was obtained as the result of a laboratory supplies purchase commitment with costs of approximately $370,000 at inception through December 2025. Cash payments for this lease are in the form of consideration for purchasing lab supplies under a purchase commitment agreement. At the commencement of the commitment, the present value of the minimum future obligations of $370,000 was calculated based on an interest rate of 3.25%. Depreciation and amortization expense related to this finance lease was $20,000 and $19,300 for the three months ended January 31, 2026 and 2025, respectively, and $59,000 and $57,000, for nine months ended January 31, 2026 and 2025, respectively. Interest on the related finance lease liability was less than $100 and $700, respectively, for the three months ended January 31, 2026 and 2025. Interest on the related finance lease liability was less than $1,000 and $2,500, respectively, for the nine months ended January 31, 2026 and 2025. As noted above, the Company's financing leases are for laboratory equipment. The associated liabilities for these leases are classified on the condensed consolidated balance sheets within other current and other non-current liabilities. The weighted average remaining lease term of these leases is 1.33 years. Financing lease assets (lab equipment) and lease liabilities related to our current financing leases are as follows (in thousands):
Future minimum lease payments due each fiscal year as follows (in thousands):
Refer to Note 7, Leases, for information on operating leases.
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| Property and Equipment | Property and Equipment Property and equipment is recorded at cost and primarily consists of laboratory equipment, computer equipment and software, capitalized software development costs, and furniture and fixtures. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of the various assets ranging from to nine years. Property and equipment consisted of the following (table in thousands):
Depreciation and amortization expense was $341,000 and $398,000 for the three months ended January 31, 2026 and 2025, respectively. Depreciation and amortization expense, excluding expense recorded under finance leases, was $302,000 and $360,000 for the three months ended January 31, 2026 and 2025, respectively. Depreciation and amortization expense was $1.1 million and $1.2 million for the nine months ended January 31, 2026 and 2025, respectively. Depreciation and amortization expense, excluding expense recorded under finance leases, was $940,000 and $1.1 million for the nine months ended January 31, 2026 and 2025, respectively. As of January 31, 2026 and April 30, 2025, property, plant and equipment included gross assets held under finance leases of $1.0 million. Related depreciation expense was approximately $39,000 and $38,000 for the three months ended January 31, 2026 and 2025, respectively, and $116,000 and $112,000 for the nine months ended January 31, 2026 and 2025, respectively. During the three months ended January 31, 2026, the Company disposed of lab equipment with a cost of $358,000 and accumulated depreciation of $245,000, for proceeds of $23,000, resulting in a loss on sale and disposal of equipment of $90,000. During the nine months ended January 31, 2026, the Company disposed of lab equipment with a cost of $402,000 and accumulated depreciation of $269,000, for proceeds of $23,000, resulting in a loss on sale and disposal of equipment of $110,000. During the three and nine months ended January 31, 2025, the Company did not dispose of any equipment. Finance Lease During fiscal year 2023, the Company recognized a finance lease for laboratory equipment. This equipment was obtained as the result of a laboratory supplies purchase commitment with costs of approximately $368,000 at inception through June 2027. Cash payments for this lease are in the form of consideration for purchasing lab supplies under a purchase commitment agreement. The present value of the minimum future obligations of $368,000 was calculated based on an interest rate of 3.5%. Depreciation and amortization expense related to this finance lease was $19,000 and $18,400 for the three months ended January 31, 2026 and 2025, respectively, and $57,000 and $55,000, for the nine months ended January 31, 2026 and 2025, respectively. Interest on the related finance lease liability was approximately $1,000 and $1,600 for the three months ended January 31, 2026 and 2025, respectively. Interest on the related finance lease liability was approximately $3,400 and $5,300 for the nine months ended January 31, 2026 and 2025, respectively. During fiscal year 2022, the Company recognized a finance lease for laboratory equipment. This equipment was obtained as the result of a laboratory supplies purchase commitment with costs of approximately $370,000 at inception through December 2025. Cash payments for this lease are in the form of consideration for purchasing lab supplies under a purchase commitment agreement. At the commencement of the commitment, the present value of the minimum future obligations of $370,000 was calculated based on an interest rate of 3.25%. Depreciation and amortization expense related to this finance lease was $20,000 and $19,300 for the three months ended January 31, 2026 and 2025, respectively, and $59,000 and $57,000, for nine months ended January 31, 2026 and 2025, respectively. Interest on the related finance lease liability was less than $100 and $700, respectively, for the three months ended January 31, 2026 and 2025. Interest on the related finance lease liability was less than $1,000 and $2,500, respectively, for the nine months ended January 31, 2026 and 2025. As noted above, the Company's financing leases are for laboratory equipment. The associated liabilities for these leases are classified on the condensed consolidated balance sheets within other current and other non-current liabilities. The weighted average remaining lease term of these leases is 1.33 years. Financing lease assets (lab equipment) and lease liabilities related to our current financing leases are as follows (in thousands):
Future minimum lease payments due each fiscal year as follows (in thousands):
Refer to Note 7, Leases, for information on operating leases.
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